There is no doubt about it a leasehold property in Harehills is a wasting asset as a result of the diminishing lease term. Where the residual term has, over 125 years to run then this decrease may be fractional that being said there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main logic behind why you should extend the lease without delay. Many flat owners in Harehills will qualify for this right; that being said a conveyancing solicitor can confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold premises in Harehills with in excess of one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Leeds Building Society | |
| National Westminster Bank | |
| Santander |
Lease extensions in Harehills can be a difficult process. We recommend you obtain guidance from a lawyer and valuer well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Harehills lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Elijah was the the leasehold proprietor of a conversion apartment in Harehills being marketed with a lease of fraction over 72 years remaining. Elijah on an informal basis approached his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £125 yearly. No ground rent would be payable on a lease extension were Elijah to invoke his statutory right. Elijah procured expert legal guidance and secured satisfactory deal informally and ending up with a market value flat.
Last Summer we were phoned by Mr and Mrs. J Johnson , who completed a first floor flat in Harehills in January 2011. We are asked if we could approximate the price would be for a ninety year extension to my lease. Comparative properties in Harehills with a long lease were in the region of £198,400. The mid-range ground rent payable was £65 billed quarterly. The lease ran out in 2085. Having 59 years remaining we calculated the compensation to the landlord for the lease extension to be within £21,900 and £25,200 plus costs.
Last Christmas we were contacted by Mr Y Hall , who was assigned a lease of a garden flat in Harehills in August 2010. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparable properties in Harehills with a long lease were in the region of £255,000. The average ground rent payable was £50 billed every twelve months. The lease concluded in 2096. Taking into account 70 years left we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus expenses.